Author Topic: I'm Taking a Personal Finance Class  (Read 1186 times)

gmonday

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I'm Taking a Personal Finance Class
« on: July 10, 2022, 05:24:45 PM »
In this class, we are to ask anyone in the finance industry/financial planner/CFP the following questions and their opinion:

Describe a comprehensive financial plan

What steps can be taken to ensure the success of a financial plan?

Explain how the plan utilized the TVM. What areas was this concept applicable to?
Was it used in retirement planning, college funding estate planning or any other area of financial planning?

What are some of the benefits of homeownership?

What are some of the impacts of low interest rates?

What has been the impact of rising interest rates?

(hypothetical) "I want to buy a car. What should be my concerns?"

If you have a website or business card that helps too.

MustacheAndaHalf

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Re: I'm Taking a Personal Finance Class
« Reply #1 on: July 10, 2022, 08:23:04 PM »
Maybe they wanted you to locate and meet someone in person, rather than you creating an account here to ask online.

MDM

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Re: I'm Taking a Personal Finance Class
« Reply #2 on: July 10, 2022, 10:57:47 PM »
Describe a comprehensive financial plan
See Bogleheads® personal finance planning start-up kit - Bogleheads and Financial planning - Bogleheads.

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What steps can be taken to ensure the success of a financial plan?
Bogleheads® investment philosophy - Bogleheads

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Explain how the plan utilized the TVM. What areas was this concept applicable to?
Was it used in retirement planning, college funding estate planning or any other area of financial planning?
Given the difficulty of predicting inflation rates, the Time Value of Money (TVM) isn't all that useful when addressing the previous questions.

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What are some of the benefits of homeownership?
See Owning vs renting - Bogleheads

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What are some of the impacts of low interest rates?
What has been the impact of rising interest rates?
These questions are left for the student.

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(hypothetical) "I want to buy a car. What should be my concerns?"
Paying no more than is necessary to meet your transportation needs.


See also Financial Advisor Keeps Him Waiting - Dilbert Comic Strip on 2014-12-15 | Dilbert by Scott Adams for general comments.

nereo

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Re: I'm Taking a Personal Finance Class
« Reply #3 on: July 11, 2022, 04:02:46 AM »
Minor quibble, by why on earth does the questionnaire ask “what are some of the benefits of home ownership” but NOT ask the reciprocal (e.g. “what are some of the RISKS of home ownership”?)

To me, that suggests a strong bias of the survey-maker.

Also, agree with MustacheAndaHalf - this was probably meant for an IRL interaction.

wageslave23

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Re: I'm Taking a Personal Finance Class
« Reply #4 on: July 11, 2022, 07:14:22 AM »
We are not certified financial planners (see posters who still think renting is better than buying - jk :)).  Well some of us are, but the majority are not. I would find a certified financial planner and ask these questions.  And the actual CFP designation means a lot. Otherwise you could just be talking to your uncle who got laid off at the manufacturing plant and decided to study financial planning over the weekend and then hold himself out as an expert financial planner.

Tigerpine

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Re: I'm Taking a Personal Finance Class
« Reply #5 on: July 11, 2022, 08:01:08 AM »
Maybe they wanted you to locate and meet someone in person, rather than you creating an account here to ask online.
+1

cool7hand

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Re: I'm Taking a Personal Finance Class
« Reply #6 on: July 11, 2022, 09:31:03 AM »
Maybe they wanted you to locate and meet someone in person, rather than you creating an account here to ask online.
+1
Why not assume that the person has a positive intent and make the community more inviting? What would that hurt?

 

Wow, a phone plan for fifteen bucks!